“NEWS FLASH – There was a bubble in real estate, especially residential. It popped. Some day…not today….prices will stop falling. There is very little reason to believe that they will then have a big move upwards (in some circumstances there may be a bounce from well below long-term trend levels, but you can’t play bounces in real estate). In fact, history indicates that it is more likely that prices will malinger near the lows for years.”